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EUR/USD post FOMC Elliott Wave Analysis

The FED did it: they finished the QE program and the USD turned sharply to the upside while metals fell. Stocks actually did not go far, so we still see the uptrend in play.

The USD is up across the board, as the USD index broke above 86.10 swing resistance, so we assume that the price is underway back to October highs, which means that other major currencies should suffer.

On EURUSD we see sharp decline from 1.2768 that should be an impulse so we will continue to look even lower, but after a three wave rally that can make a pullback to 1.2612-1.2652 resistance area. We could be turning to bullish view only if the price goes back above 1.2700 in impulsive fashion.

EURUSD 1h Elliott Wave AnalysisEURUSD Post FOMC Elliott Wave Analysis October 30 2014 euro dollar Intraday

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!